Asked by
Gabrielle Cooke
on Oct 09, 2024Verified
Other things equal,if the price of a key resource used to produce product X falls,the:
A) product supply curve of X will shift to the right.
B) product demand curve of X will shift to the right.
C) product supply curve of X will shift to the left.
D) product supply curve of X will not shift.
Key Resource
A fundamental input or asset used by businesses to produce goods and services.
Product Supply Curve
A graphical representation showing the relationship between the quantity of goods that producers are willing to supply and the market price.
Shift To The Right
A term often used in economics to describe an increase in supply or demand, represented graphically by a curve moving to the right on a graph, indicating growth or expansion.
- Explain how expectations about future prices and changes in production costs impact supply.
Verified Answer
NW
Learning Objectives
- Explain how expectations about future prices and changes in production costs impact supply.